UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06240
 
Nuveen Select Quality Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             10/31          
 
Date of reporting period:          7/31/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 

 
   
Portfolio of Investments (Unaudited)
     
           
   
Nuveen Select Quality Municipal Fund, Inc. (NQS)
     
   
July 31, 2013
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Municipal Bonds – 153.6% (100.0% of Total Investments)
     
           
   
Alaska – 1.7% (1.1% of Total Investments)
     
$                500
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,
12/14 at 100.00
AA+
$          524,900
   
12/01/26 – FGIC Insured (UB)
     
6,000
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%,
6/15 at 100.00
AA+
6,417,660
   
12/01/30 – NPFG Insured
     
1,680
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
6/14 at 100.00
Ba1
1,528,800
   
Series 2006A, 4.625%, 6/01/23
     
8,180
 
Total Alaska
   
8,471,360
   
Arizona – 3.8% (2.5% of Total Investments)
     
3,500
 
Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 –
No Opt. Call
A+
3,513,930
   
NPFG Insured
     
2,300
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series
7/18 at 100.00
AA–
2,382,547
   
2008A, 5.000%, 7/01/33
     
1,000
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
10/20 at 100.00
Baa2
968,990
   
Company, Series 2010A, 5.250%, 10/01/40
     
3,750
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
12/13 at 100.00
Aa2
3,806,925
   
Revenue Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
     
8,000
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
No Opt. Call
A–
7,670,240
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
     
750
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
9/13 at 100.00
A2
750,090
   
Healthcare, Series 2008A, 5.250%, 9/01/30
     
19,300
 
Total Arizona
   
19,092,722
   
Arkansas – 0.4% (0.2% of Total Investments)
     
1,710
 
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Refunding Bonds, Series 1993,
No Opt. Call
A2
1,783,222
   
7.375%, 8/01/15
     
   
California – 13.5% (8.8% of Total Investments)
     
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
5,084,050
   
2013S-4, 5.000%, 4/01/38 (WI/DD, Settling 8/06/13)
     
   
Calexico Unified School District, Imperial County, California, General Obligation Bonds,
     
   
Series 2005B:
     
3,685
 
0.000%, 8/01/31 – FGIC Insured
No Opt. Call
A
1,156,758
4,505
 
0.000%, 8/01/33 – FGIC Insured
No Opt. Call
A
1,199,591
2,250
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
6/15 at 100.00
B–
2,054,183
   
County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
     
1,500
 
California State, General Obligation Bonds, Various Purpose Series 2006, 4.500%, 10/01/29
10/16 at 100.00
A1
1,547,715
1,550
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,
7/18 at 100.00
AA–
1,676,542
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured
     
1,000
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
A1
373,370
   
Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured
     
   
Colton Joint Unified School District, San Bernardino County, California, General Obligation
     
   
Bonds, Series 2006C:
     
3,200
 
0.000%, 2/01/30 – FGIC Insured
2/15 at 45.69
A+
1,353,344
6,800
 
0.000%, 2/01/35 – FGIC Insured
2/15 at 34.85
A+
1,907,672
4,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
4,279,860
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
     
7,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
5,972,680
   
Revenue Bonds, Tender Option Bonds Trust 2040, 10.715%, 6/01/45 – FGIC Insured (IF)
     
2,500
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/17 at 100.00
B
2,037,100
   
Bonds, Series 2007A-1, 5.000%, 6/01/33
     
4,500
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series
8/16 at 102.00
AA–
4,596,795
   
2008B, 5.125%, 8/01/37 – AGC Insured
     
1,045
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds,
No Opt. Call
Aa3
390,088
   
Series 2001B, 0.000%, 8/01/31 – NPFG Insured
     
3,000
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects
10/15 at 100.00
AA–
3,044,580
   
Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured
     
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
510,458
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (WI/DD, Settling 8/01/13)
     
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax
9/16 at 100.00
AA–
2,103,420
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
     
3,600
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
No Opt. Call
Aa3
1,673,460
   
Series 2004A, 0.000%, 8/01/28 – NPFG Insured
     
2,500
 
Palm Springs Unified School District, Riverside County, California, General Obligation Bonds,
8/14 at 102.00
AA–
2,622,250
   
Series 2006A, 5.000%, 8/01/31 – AGM Insured
     
2,350
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
11/19 at 100.00
Baa3
2,481,107
   
6.750%, 11/01/39
     
1,365
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,
No Opt. Call
A+
1,019,832
   
0.000%, 8/01/21 – NPFG Insured
     
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
2/18 at 100.00
AA+
2,064,160
6,195
 
Peralta Community College District, Alameda County, California, General Obligation Bonds,
8/17 at 100.00
AA–
6,160,742
   
Election of 2006, Series 2007B, 5.000%, 8/01/37 – AGM Insured (UB) (4)
     
6,000
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
No Opt. Call
A+
1,723,800
   
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
     
5,000
 
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside
No Opt. Call
A+
2,597,750
   
County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured
     
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005,
5/15 at 100.00
AA+ (5)
3,463,708
   
5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
     
5,000
 
Santa Monica Community College District, Los Angeles County, California, General Obligation
8/15 at 58.09
AA (5)
2,859,600
   
Bonds, Series 2005C, 0.000%, 8/01/26 (Pre-refunded 8/01/15) – NPFG Insured
     
2,460
 
Santee School District, County, California, General Obligation Bonds, Capital Appreciation,
No Opt. Call
AA–
794,752
   
Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured
     
3,000
 
Yuma Community College District, California, General Obligation Bonds, Series 2007B, 0.000%,
8/17 at 45.45
Aa2
980,580
   
8/01/33 – AMBAC Insured
     
97,870
 
Total California
   
67,729,947
   
Colorado – 6.7% (4.3% of Total Investments)
     
3,435
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
7/19 at 100.00
AA–
3,708,289
   
Series 2009A, 5.500%, 7/01/34
     
1,150
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,
9/18 at 102.00
AA–
1,173,104
   
Series 2005C, 5.250%, 3/01/40 – AGM Insured
     
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
1/20 at 100.00
AA
4,985,250
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
     
1,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital
5/17 at 100.00
BBB+
1,459,725
   
Association, Series 2007, 5.250%, 5/15/42
     
1,500
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
11/16 at 100.00
BBB–
1,465,800
   
Senior Lien Series 2006, 4.625%, 12/01/30 – SYNCORA GTY Insured
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
     
1,420
 
0.000%, 9/01/23 – NPFG Insured
No Opt. Call
A
888,011
9,615
 
0.000%, 9/01/25 – NPFG Insured
No Opt. Call
A
5,254,694
13,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/34 –
9/20 at 45.40
A
3,768,700
   
NPFG Insured
     
5,000
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,
12/17 at 100.00
N/R
4,544,900
   
5.350%, 12/01/37 – RAAI Insured
     
   
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private
     
   
Activity Bonds, Series 2010:
     
2,500
 
6.500%, 1/15/30
7/20 at 100.00
Baa3
2,786,250
3,115
 
6.000%, 1/15/34
7/20 at 100.00
Baa3
3,329,966
47,235
 
Total Colorado
   
33,364,689
   
District of Columbia – 3.0% (1.9% of Total Investments)
     
   
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2001:
     
1,200
 
6.250%, 5/15/24
11/13 at 100.00
A1
1,211,784
5,580
 
6.500%, 5/15/33
No Opt. Call
Baa1
5,967,252
5,000
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/19 – NPFG Insured
No Opt. Call
Aa2
6,091,850
1,695
 
District of Columbia, Income Tax Secured Revenue Bonds, Refunding Series 2009C, 5.000%,
No Opt. Call
AAA
1,722,527
   
12/01/13 (4)
     
13,475
 
Total District of Columbia
   
14,993,413
   
Florida – 5.7% (3.7% of Total Investments)
     
2,500
 
Florida State Board of Education, Full Faith and Credit Education Capital Outlay Bonds, Series
No Opt. Call
AAA
2,606,075
   
2005B, 5.250%, 6/01/14
     
3,000
 
Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003,
No Opt. Call
Aa2
3,024,000
   
5.000%, 10/01/13 – AGM Insured
     
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,
10/20 at 100.00
A
4,113,720
   
5.000%, 10/01/28
     
4,260
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%,
11/15 at 100.00
Aa2
4,178,336
   
11/01/30 – NPFG Insured
     
9,250
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
A
9,249,630
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured
     
2,685
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health
5/16 at 100.00
AA–
2,921,414
   
System, Series 2006, 5.000%, 5/01/21 – NPFG Insured
     
2,500
 
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of
No Opt. Call
AA
2,454,200
   
South Florida, Tender Option Bond Trust 11151, 18.408%, 2/15/15 (IF)
     
28,195
 
Total Florida
   
28,547,375
   
Georgia – 0.6% (0.4% of Total Investments)
     
3,000
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus
8/18 at 100.00
AA–
3,226,410
   
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
     
   
Illinois – 20.0% (13.0% of Total Investments)
     
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated
12/21 at 100.00
A+
1,428,678
   
Revenues Series 2011A, 5.000%, 12/01/41
     
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
     
   
Revenues, Series 1998B-1:
     
4,495
 
0.000%, 12/01/25 – FGIC Insured
No Opt. Call
A+
2,487,398
3,225
 
0.000%, 12/01/31 – FGIC Insured
No Opt. Call
A+
1,207,698
1,500
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
A+
1,620,225
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
     
29,145
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/38 –
No Opt. Call
AA–
7,336,671
   
FGIC Insured
     
3,880
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
1/14 at 100.00
AA–
3,792,467
1,250
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
1/14 at 100.00
AA+
1,250,425
4,450
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/14 at 100.00
AA–
4,545,987
   
Series 2003F, 5.500%, 1/01/15 – CIFG Insured
     
1,825
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/16 at 100.00
A
1,933,953
   
Series 2005A, 5.250%, 1/01/26 – NPFG Insured
     
3,500
 
Illinois Educational Facilities Authority, Revenue Bonds, Northwestern University, Series 2003,
12/13 at 100.00
AAA
3,536,715
   
5.000%, 12/01/33
     
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
1,561,995
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA–
2,001,440
   
8/15/47 – AGC Insured (UB)
     
1,000
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A,
2/18 at 100.00
A+
1,016,910
   
5.500%, 2/01/40 – AMBAC Insured
     
2,875
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A,
1/18 at 100.00
Baa2
3,012,511
   
5.625%, 1/01/37
     
1,750
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007,
No Opt. Call
AA–
1,853,670
   
5.000%, 3/15/26
     
1,925
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
1,994,589
10,000
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
AA–
10,226,400
3,975
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
BBB
4,113,887
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series
2/21 at 100.00
AA–
2,593,550
   
2011C, 5.500%, 8/15/41 (UB) (4)
     
5,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
8/18 at 100.00
BBB+
5,104,450
   
Centers, Series 2008A, 5.500%, 8/15/30
     
2,000
 
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001,
8/13 at 100.00
Aa1
2,001,460
   
5.950%, 2/20/36
     
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
1/23 at 100.00
AA–
1,414,823
   
5.000%, 1/01/38
     
8,945
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General
1/15 at 74.44
A1
6,319,643
   
Obligation Bonds, Series 2005B, 0.000%, 1/01/21 – AGM Insured
     
9,000
 
McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation
No Opt. Call
Aa2
6,175,350
   
Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured
     
2,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
AAA
2,288,627
   
Project, Refunding Series 2010B-2, 5.000%, 6/15/50
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
     
   
Project, Series 2002A:
     
6,765
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
AAA
4,478,701
1,100
 
0.000%, 12/15/35 – NPFG Insured
No Opt. Call
AAA
307,439
3,805
 
0.000%, 6/15/41 – NPFG Insured
No Opt. Call
AAA
722,570
1,495
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2006, 5.000%, 4/01/27
4/16 at 100.00
Aa2
1,584,356
7,415
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2006, 5.000%, 4/01/27
4/16 at 100.00
Aa2 (5)
8,245,406
   
(Pre-refunded 4/01/16)
     
4,005
 
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General
No Opt. Call
A+
3,885,251
   
Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/15 – FGIC Insured
     
135,525
 
Total Illinois
   
100,043,245
   
Indiana – 3.1% (2.0% of Total Investments)
     
2,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System,
8/16 at 100.00
Baa2
2,039,120
   
Series 2006, 5.250%, 8/01/36
     
1,290
 
Fairfield School Building Corporation, Elkhart County, Indiana, First Mortgage Bonds, Series
1/14 at 100.00
AA+ (5)
1,317,916
   
2003, 5.000%, 7/15/20 (Pre-refunded 1/15/14) – FGIC Insured
     
2,750
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/21 at 100.00
AA–
2,757,123
   
2011B, 5.000%, 10/01/41
     
2,805
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,
3/14 at 100.00
A+ (5)
2,889,823
   
Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured
     
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
A–
2,056,420
   
Indiana, Series 2007, 5.500%, 3/01/37
     
2,225
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
A+
2,229,739
   
NPFG Insured
     
1,895
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series
7/15 at 100.00
AA+ (5)
2,064,224
   
2005, 5.000%, 7/15/26 (Pre-refunded 7/15/15) – AGM Insured
     
14,965
 
Total Indiana
   
15,354,365
   
Iowa – 2.0% (1.3% of Total Investments)
     
   
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
     
   
Project, Series 2013:
     
2,000
 
5.000%, 12/01/19
No Opt. Call
BB–
1,960,560
5,645
 
5.500%, 12/01/22
12/18 at 100.00
BB–
5,595,832
3,100
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
6/15 at 100.00
B+
2,547,580
   
5.625%, 6/01/46
     
10,745
 
Total Iowa
   
10,103,972
   
Kansas – 1.9% (1.2% of Total Investments)
     
2,015
 
Johnson County Unified School District 233, Kansas, General Obligation Bonds, Refunding Series
No Opt. Call
AA
2,019,735
   
2009C, 3.000%, 9/01/13
     
3,790
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23
3/14 at 100.00
AAA
3,896,347
   
(Pre-refunded 3/01/14)
     
3,525
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park
1/17 at 100.00
BB+
3,567,758
   
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
     
9,330
 
Total Kansas
   
9,483,840
   
Kentucky – 1.2% (0.8% of Total Investments)
     
5,000
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare
8/21 at 100.00
AA–
5,037,350
   
System Obligated Group, Series 2011, 5.250%, 8/15/46
     
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,
6/18 at 100.00
AA–
1,033,720
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured
     
6,000
 
Total Kentucky
   
6,071,070
   
Louisiana – 1.0% (0.7% of Total Investments)
     
5,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
Baa1
5,076,500
   
Series 2007A, 5.375%, 5/15/43
     
   
Maine – 0.3% (0.2% of Total Investments)
     
   
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical
     
   
Center, Series 2011:
     
1,000
 
6.750%, 7/01/36
7/21 at 100.00
Baa3
1,116,320
210
 
6.750%, 7/01/41
7/21 at 100.00
Baa3
232,686
1,210
 
Total Maine
   
1,349,006
   
Massachusetts – 3.7% (2.4% of Total Investments)
     
4,410
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior
1/20 at 100.00
A+
4,571,318
   
Lien Series 2010B, 5.000%, 1/01/32
     
2,000
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street
8/13 at 100.00
A
1,837,080
   
Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
     
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
7/18 at 100.00
A–
498,580
   
Series 2008E-1 &2, 5.125%, 7/01/38
     
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk
7/19 at 100.00
BBB
2,357,730
   
University Issue, Series 2009A, 5.750%, 7/01/39
     
3,650
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series
5/23 at 100.00
AA+
3,801,767
   
2013A, 5.000%, 5/15/43
     
200
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+
209,718
   
5.000%, 8/15/30
     
   
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
     
645
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
Aa2 (5)
704,295
4,155
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
Aa2 (5)
4,536,969
17,860
 
Total Massachusetts
   
18,517,457
   
Michigan – 6.3% (4.1% of Total Investments)
     
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BBB+
1,792,747
   
Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
     
3,500
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A
3,179,155
   
7/01/35 – NPFG Insured
     
7,745
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Remarketed Series
7/17 at 100.00
A
7,685,364
   
1998A, 5.250%, 7/01/21 – NPFG Insured
     
2,435
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
2,439,846
   
7/01/36 – BHAC Insured
     
2,020
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
BB–
1,851,552
1,620
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2001C,
7/18 at 100.00
AA+
1,555,897
   
4.750%, 7/01/29 – BHAC Insured
     
500
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C,
7/15 at 100.00
A
499,980
   
5.000%, 7/01/18 – FGIC Insured
     
8,125
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,
10/15 at 100.00
Aa3
8,246,225
   
10/15/29 – AMBAC Insured
     
2,000
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/21 –
10/16 at 100.00
Aa3
1,436,260
   
FGIC Insured
     
3,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,
10/13 at 100.00
Aa3 (5)
3,029,850
   
5.000%, 10/15/29 (Pre-refunded 10/15/13) – NPFG Insured
     
32,920
 
Total Michigan
   
31,716,876
   
Minnesota – 0.5% (0.3% of Total Investments)
     
2,275
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/15 at 100.00
A
2,337,153
   
Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured
     
   
Mississippi – 0.5% (0.3% of Total Investments)
     
2,475
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
9/14 at 100.00
AA–
2,579,148
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
     
   
Missouri – 5.5% (3.6% of Total Investments)
     
890
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass
10/18 at 100.00
AA+
941,771
   
Transit Sales Tax Appropriation Refunding Bonds, Series 2013A, 5.000%, 10/01/28 (WI/DD,
     
   
Settling 8/01/13)
     
1,815
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
10/13 at 100.00
AA- (5)
1,829,484
   
Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%,
     
   
10/01/32 (Pre-refunded 10/01/13) – AGM Insured
     
5,000
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
No Opt. Call
AA–
2,457,100
   
2004B-1, 0.000%, 4/15/28 – AMBAC Insured
     
3,150
 
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds,
1/16 at 100.00
A
3,159,797
   
Series 2006, 5.000%, 1/01/34 – NPFG Insured
     
8,975
 
Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 4.500%,
10/13 at 100.00
Aa1 (5)
9,054,160
   
10/15/21 (Pre-refunded 10/15/13)
     
5,545
 
Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/23 at 100.00
A2
5,318,653
   
CoxHealth, Series 2013A, 5.000%, 11/15/48
     
5,000
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
12/16 at 100.00
A
5,010,450
30,375
 
Total Missouri
   
27,771,415
   
Nebraska – 1.2% (0.8% of Total Investments)
     
6,100
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007,
2/17 at 100.00
Aa3
6,187,901
   
5.000%, 2/01/35 – AMBAC Insured
     
   
Nevada – 2.0% (1.3% of Total Investments)
     
2,280
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006,
10/16 at 100.00
A
2,316,685
   
5.000%, 10/01/25 – NPFG Insured
     
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
A
4,726,900
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust
7/17 at 100.00
AA+
2,733,700
   
2634, 18.774%, 7/01/31 – BHAC Insured (IF) (4)
     
9,780
 
Total Nevada
   
9,777,285
   
New Hampshire – 1.0% (0.7% of Total Investments)
     
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group
10/19 at 100.00
Baa1
5,212,800
   
Issue, Series 2009A, 6.125%, 10/01/39
     
   
New Jersey – 3.2% (2.1% of Total Investments)
     
16,840
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health
1/17 at 39.39
BBB+
4,934,457
   
Care System, Refunding Series 2006B, 0.000%, 7/01/35
     
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
No Opt. Call
AA–
6,428,000
   
0.000%, 12/15/33 – AGM Insured
     
6,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B2
4,760,015
   
Series 2007-1A, 5.000%, 6/01/41
     
43,340
 
Total New Jersey
   
16,122,472
   
New York – 4.7% (3.1% of Total Investments)
     
5,005
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar
7/17 at 100.00
Aa2
5,046,542
   
College, Series 2007, 5.000%, 7/01/46
     
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
2,021,580
   
2011A, 5.250%, 2/15/47
     
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
2/17 at 100.00
A
1,990,780
   
2/15/47 – FGIC Insured
     
7,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2004A,
9/14 at 100.00
AA+
7,679,250
   
5.000%, 9/01/34 – BHAC Insured
     
2,925
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A,
4/19 at 100.00
A
3,301,535
   
5.500%, 4/01/24
     
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
11/22 at 100.00
A
2,700,050
   
Series 2012F, 5.000%, 11/15/26
     
875
 
New York City Industrial Development Agency, New York, American Airlines-JFK International
No Opt. Call
N/R
910,919
   
Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
     
22,805
 
Total New York
   
23,650,656
   
North Carolina – 2.5% (1.7% of Total Investments)
     
3,000
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
2,957,970
   
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
     
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
5,328,900
   
WakeMed, Series 2012A, 5.000%, 10/01/27
     
2,375
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health
11/16 at 100.00
AA+
2,415,399
   
Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
     
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A,
1/19 at 100.00
AA–
2,039,384
   
5.750%, 1/01/39 – AGC Insured
     
12,275
 
Total North Carolina
   
12,741,653
   
North Dakota – 0.4% (0.2% of Total Investments)
     
1,875
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated
12/21 at 100.00
A–
1,855,406
   
Group, Series 2012, 5.000%, 12/01/32
     
   
Ohio – 7.3% (4.8% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
3,335
 
5.375%, 6/01/24
6/17 at 100.00
B–
2,832,949
1,180
 
5.125%, 6/01/24
6/17 at 100.00
B–
984,545
2,700
 
5.875%, 6/01/30
6/17 at 100.00
B
2,157,057
2,755
 
5.750%, 6/01/34
6/17 at 100.00
B
2,096,968
7,995
 
5.875%, 6/01/47
6/17 at 100.00
B
5,983,378
18,300
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/22 at 100.00
B
14,666,888
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
     
1,730
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
11/21 at 100.00
AA
1,901,478
   
2011A, 6.000%, 11/15/41
     
3,750
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health
1/17 at 100.00
A
2,380,800
   
System Inc., Series 2007A, Trust 2812, 12.923%, 1/15/46 – AMBAC Insured (IF)
     
3,685
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
3,655,041
   
2013A-1, 5.000%, 2/15/48 (WI/DD, Settling 8/15/13)
     
45,430
 
Total Ohio
   
36,659,104
   
Oklahoma – 1.0% (0.7% of Total Investments)
     
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
8/21 at 100.00
N/R
1,087,340
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
     
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical
8/18 at 100.00
AA–
1,700,862
   
Center, Series 2008B, 5.250%, 8/15/38
     
2,235
 
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,
2/14 at 100.00
A+ (5)
2,292,194
   
5.000%, 2/15/24 (Pre-refunded 2/15/14)
     
4,910
 
Total Oklahoma
   
5,080,396
   
Oregon – 1.0% (0.7% of Total Investments)
     
5,000
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2010A,
No Opt. Call
AA
5,182,250
   
5.000%, 5/01/14
     
   
Pennsylvania – 4.1% (2.7% of Total Investments)
     
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc.,
12/15 at 100.00
BBB+
1,016,970
   
Refunding Series 2005A, 5.000%, 12/01/21 – RAAI Insured
     
1,250
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 –
12/18 at 100.00
AA–
1,247,975
   
AGM Insured
     
3,250
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A,
10/16 at 100.00
AA+
3,257,020
   
4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
     
8,550
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
7,619,675
   
0.000%, 12/01/38
     
2,620
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001T, 5.500%, 12/01/13 –
No Opt. Call
A+
2,666,453
   
FGIC Insured
     
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,
6/26 at 100.00
AA
4,768,350
   
6/01/33 – AGM Insured
     
21,670
 
Total Pennsylvania
   
20,576,443
   
Puerto Rico – 4.5% (2.9% of Total Investments)
     
3,600
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.000%, 7/01/28
7/18 at 100.00
BBB
3,079,764
2,135
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
No Opt. Call
BBB–
2,119,479
   
Bonds, Series 2002C, 5.750%, 7/01/22
     
800
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
7/17 at 100.00
BBB–
700,304
   
Bonds, Series 2002D, 5.450%, 7/01/31 – AMBAC Insured
     
2,200
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
7/17 at 100.00
Baa3 (5)
2,559,018
   
Bonds, Series 2002D, 5.450%, 7/01/31 (Pre-refunded 7/01/17) – AMBAC Insured
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate
     
   
Series 2009A:
     
12,000
 
0.000%, 8/01/32
8/26 at 100.00
A+
11,371,320
1,000
 
6.000%, 8/01/42
8/19 at 100.00
A+
1,001,000
23,890
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
AA–
1,507,698
   
8/01/54 – AMBAC Insured
     
45,625
 
Total Puerto Rico
   
22,338,583
   
Rhode Island – 1.6% (1.0% of Total Investments)
     
   
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond
     
   
Program, Series 2008, Trust 1177:
     
1,500
 
9.739%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
1,577,130
1,000
 
9.839%, 4/01/23 (Alternative Minimum Tax) (Pre-refunded 10/01/13) (IF)
10/13 at 100.00
AA+ (5)
1,029,100
5,440
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
12/13 at 100.00
BBB+
5,444,787
   
Series 2002A, 6.125%, 6/01/32
     
7,940
 
Total Rhode Island
   
8,051,017
   
South Carolina – 5.0% (3.2% of Total Investments)
     
2,500
 
Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A,
2/21 at 100.00
Aa1
2,590,100
   
5.000%, 2/01/41
     
2,500
 
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and
11/13 at 100.00
AA- (5)
2,534,825
   
Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13)
     
2,950
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,
8/14 at 100.00
A (5)
3,101,837
   
Series 2004A, 5.250%, 2/15/22 (Pre-refunded 8/15/14) – NPFG Insured
     
21,565
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
No Opt. Call
A–
9,694,330
   
0.000%, 1/01/30 – AMBAC Insured
     
6,865
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric
1/14 at 100.00
AA–
6,884,359
   
System, Series 2003A, 5.000%, 1/01/27 – AMBAC Insured
     
36,380
 
Total South Carolina
   
24,805,451
   
South Dakota – 1.0% (0.6% of Total Investments)
     
2,830
 
Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, Great Plains Hotel Corporation,
10/14 at 100.00
AA+ (5)
3,033,024
   
Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax)
     
1,750
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley
11/14 at 100.00
A+
1,750,473
   
Hospitals, Series 2004A, 5.500%, 11/01/31
     
4,580
 
Total South Dakota
   
4,783,497
   
Tennessee – 0.7% (0.4% of Total Investments)
     
3,125
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds,
7/20 at 100.00
BBB+
3,350,000
   
Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38
     
   
Texas – 23.4% (15.3% of Total Investments)
     
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
4/14 at 100.00
C
331,946
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
     
1,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The
4/20 at 100.00
Baa1
1,053,770
   
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
     
4,080
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005,
1/15 at 100.00
A (5)
4,340,957
   
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
     
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
1/21 at 100.00
Baa2
1,063,200
   
6.000%, 1/01/41
     
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds,
2/15 at 100.00
AAA
3,214,500
   
Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
     
4,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E,
No Opt. Call
A+
3,793,840
   
5.000%, 11/01/42 (Alternative Minimum Tax)
     
2,720
 
Edinburg Consolidated Independent School District, Hidalgo County, Texas, General Obligation
2/15 at 100.00
AAA
2,830,405
   
Bonds, Refunding Series 2005, 5.000%, 2/15/30
     
2,000
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006,
8/16 at 54.64
Aaa
938,620
   
0.000%, 8/15/28
     
9,120
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien
10/23 at 100.00
AA
8,859,077
   
Series 2013B, 5.000%, 4/01/53 (WI/DD, Settling 8/01/13)
     
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –
2/17 at 100.00
AA+
3,179,507
   
NPFG Insured
     
1,000
 
Harris County, Texas, Toll Road Senior Lien Revenue Refunding Bonds, Series 2004A, 5.000%,
8/14 at 100.00
AA (5)
1,049,900
   
8/15/27 (Pre-refunded 8/15/14) – FGIC Insured
     
7,570
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
No Opt. Call
A
2,456,238
   
0.000%, 11/15/31 – NPFG Insured
     
3,500
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2011A,
No Opt. Call
AA
3,797,745
   
5.250%, 11/15/30
     
5,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2005, 5.000%,
11/15 at 100.00
AA
5,145,350
   
11/15/35 – AGM Insured
     
   
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
     
   
Project, Series 2001B:
     
3,250
 
0.000%, 9/01/25 – AMBAC Insured
No Opt. Call
AA
1,824,973
4,130
 
0.000%, 9/01/26 – AMBAC Insured
No Opt. Call
AA–
2,211,904
9,000
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston
No Opt. Call
A
9,382,500
   
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative
     
   
Minimum Tax)
     
5,000
 
Midland Independent School District, Midland County, Texas, General Obligation Bonds, School
2/17 at 100.00
AAA
5,357,650
   
Building Series 2007, 5.000%, 2/15/32
     
7,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation
1/25 at 100.00
A2
7,166,530
   
Series 2008I, 0.000%, 1/01/43
     
2,000
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%,
9/21 at 100.00
AA
2,145,400
   
9/01/41 (UB) (4)
     
340
 
Panhandle Regional Housing Finance Corporation, Texas, GNMA Mortgage-Backed Securities Program
11/13 at 100.00
N/R
343,193
   
Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax)
     
6,310
 
Pasadena Independent School District, Harris County, Texas, General Obligation Bonds, Series
2/16 at 100.00
Aaa
6,971,793
   
2006, 5.000%, 2/15/26 (Pre-refunded 2/15/16)
     
2,140
 
Pflugerville Independent School District, Travis County, Texas, General Obligation Bonds,
2/15 at 100.00
AAA
2,293,010
   
Series 2005A, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
     
2,210
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,
12/13 at 100.00
A+
2,248,631
   
Series 2004, 6.000%, 12/01/19
     
2,500
 
San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, Series 2002,
No Opt. Call
Aa1
2,565,300
   
5.375%, 2/01/14
     
4,375
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,
11/17 at 100.00
AA–
4,191,600
   
Texas Health Resources Tender Option Bond Trust 1197, 9.241%, 5/15/39 (IF) (4)
     
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
8/20 at 100.00
AA–
2,970,487
   
Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
     
5,910
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
6,192,262
   
2012, 5.000%, 12/15/23
     
2,500
 
Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds,
7/14 at 100.00
AAA
2,605,950
   
Series 2010B, 5.000%, 1/01/19
     
3,335
 
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust
No Opt. Call
Aaa
3,707,086
   
3479, 13.804%, 2/01/17 (IF)
     
4,430
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
4,261,970
   
Refunding Series 2012A, 5.000%, 8/15/41
     
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
     
   
Series 2006:
     
1,445
 
0.000%, 8/15/36
8/15 at 33.75
AAA
393,185
1,130
 
0.000%, 8/15/45
8/15 at 20.76
AAA
169,489
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
     
   
Series 2006:
     
7,665
 
0.000%, 8/15/36 (Pre-refunded 8/15/15)
8/15 at 33.75
N/R (5)
2,546,850
7,665
 
0.000%, 8/15/41 (Pre-refunded 8/15/15)
8/15 at 25.73
N/R (5)
1,941,698
1,445
 
0.000%, 8/15/41 (Pre-refunded 8/15/15)
8/15 at 25.73
AAA
287,685
5,980
 
0.000%, 8/15/45 (Pre-refunded 8/15/15)
8/15 at 20.76
N/R (5)
1,222,133
1,175
 
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program
10/13 at 100.00
B–
1,177,491
   
Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax)
     
2,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series
8/15 at 57.10
AAA
1,124,320
   
2005, 0.000%, 8/15/26 (Pre-refunded 8/15/15)
     
147,995
 
Total Texas
   
117,358,145
   
Virginia – 3.2% (2.1% of Total Investments)
     
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage
10/17 at 100.00
BBB
1,500,450
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
     
900
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health
No Opt. Call
A–
905,562
   
System Obligated Group, Series 2013, 5.000%, 11/01/30
     
5,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series
10/26 at 100.00
AA–
4,524,550
   
2009C, 0.000%, 10/01/41 – AGC Insured
     
2,500
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
No Opt. Call
BBB–
2,313,375
3,000
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2004A, 5.000%, 8/01/13
No Opt. Call
AA+
3,000,000
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
     
   
Crossing, Opco LLC Project, Series 2012:
     
2,470
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
2,497,022
1,260
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
1,171,271
16,630
 
Total Virginia
   
15,912,230
   
Washington – 2.4% (1.6% of Total Investments)
     
3,750
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information
6/19 at 100.00
AA
3,944,213
   
Services Project, Series 2009, 5.500%, 6/01/39 (UB) (4)
     
3,475
 
Port of Seattle, Washington, General Obligation Bonds, Series 2004B, 5.000%, 11/01/19
11/13 at 100.00
AAA
3,515,797
   
(Pre-refunded 11/01/13) – AGM Insured (Alternative Minimum Tax)
     
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
7/19 at 100.00
A
2,089,280
   
Research Center, Series 2009A, 6.000%, 1/01/33
     
2,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and
12/17 at 100.00
N/R
2,507,850
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
     
11,725
 
Total Washington
   
12,057,140
   
West Virginia – 1.4% (0.9% of Total Investments)
     
6,725
 
West Virginia University, Revenue Bonds, West Virginia University Projects, Improvement Series
10/14 at 100.00
Aa3 (5)
7,098,910
   
2004C, 5.000%, 10/01/34 (Pre-refunded 10/01/14) – FGIC Insured
     
   
Wisconsin – 0.6% (0.4% of Total Investments)
     
2,890
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc.,
5/14 at 100.00
BBB+
2,969,648
   
Series 2004, 6.100%, 5/01/34
     
$ 949,445
 
Total Municipal Bonds (cost $765,089,975)
   
769,384,172
             
Principal
           
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
Value
   
Corporate Bonds – 0.0% (0.0% of Total Investments)
       
             
   
Transportation – 0.0% (0.0% of Total Investments)
       
$         40
 
Las Vegas Monorail Company, Senior Interest Bonds (6) (7)
5.500%
7/15/19
N/R
$           10,147
12
 
Las Vegas Monorail Company, Senior Interest Bonds (6) (7)
3.000%
7/15/55
N/R
2,343
$         52
 
Total Corporate Bonds (cost $1,534)
     
12,490
   
Total Investments (cost $765,091,509) – 153.6%
     
769,396,662
   
Floating Rate Obligations – (3.1)%
     
(15,480,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (53.4)% (8)
     
(267,500,000)
   
Other Assets Less Liabilities – 2.9%
     
14,475,175
   
Net Assets Applicable to Common Shares – 100%
     
$ 500,891,837
 
 
 
 

 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$ —
$769,384,172
$       —
$769,384,172
Corporate Bonds
12,490
12,490
Total
$ —
$769,384,172
$12,490
$769,396,662
 
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of July 31, 2013, the cost of investments was $748,580,759.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of July 31, 2013, were as follows:
   
Gross unrealized:
 
   Appreciation
$ 32,211,377
   Depreciation
(26,875,471)
Net unrealized appreciation (depreciation) of investments
$   5,335,906
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
   
shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
   
may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor's”), Moody’s Investors Service,
   
Inc. (“Moody's”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(5)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board of Directors/Trustees. For fair value measurement disclosure purposes, investment classified as
   
Level 3.
(7)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
   
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
   
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
   
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two
   
senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019
   
and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on
   
July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest
   
corporate bond.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.8%.
WI/DD
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 

 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Select Quality Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          September 27, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:          September 27, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          September 27, 2013        
 

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